Removing Barriers Blog

CUNA Continues Work on Faster Payments
Posted May 08, 2017 by CUNA Advocacy

Last week, CUNA continued its effort to achieve faster payments in the U.S., participating in a two-day meeting of the Federal Reserve’s Faster Payments Task Force in Chicago.  

As we reported, earlier this year, the Task Force released the first half of its final report, Final Report Part One: The Faster Payments Task Force Approach. The report details the current landscape and challenges regarding development of a faster payments system in the U.S. It also outlines the effectiveness criteria the Task Force developed to assess solution proposals.   

Last week’s meeting focused on the second half of the final report, which will cover in-depth the assessment of faster payments solution proposals, challenges and opportunities for achieving faster payments in the U.S., and the Task Force’s recommendations and suggestions for industry action. The second half of the report is scheduled to be published in mid-2017.  

As a member of the Faster Payments Task Force since its inception in 2015, CUNA has been actively involved to ensure the unique perspective of credit unions is adequately represented among a diverse membership of financial institutions, associations, fintech firms, consumer groups, and government representatives. The Faster Payments Task Force is charged with identifying and evaluating alternative approaches to implementing safe, ubiquitous, faster payments capabilities in the U.S. CUNA is also a member of the Federal Reserve’s Secure Payments Task Force, which focuses on security issues associated with faster payments.